National Republican., 1887-08-05
TIE sEcRETARY's DECISION.
1t Creates Quite n Scare Among tho
Bears OF wall Street.

beHTb rHit btFbtU
New YoRK, Aug. 4.-The announcement
by the Secretary Of the Treasury that he
would prepay interest aud buy bonds for
the sinking fund created quite scare
among the bears this morning, and for some
time there was lively times to cover shorts
The upward movement was also accelerated
by liberal purchases for London account,
and the out-of.town orders were quite as
numerous as yesterday. The advance In
prices during the forenoon was fully equal
TO anything seeu In that line for some time.
Much feveiishness marked the transactions
for period, but later the advance became
general and very decided. Later, however,
the bears recovered from their scare and be-
gan to argue the rise would cease with the
elimination OF the short interest, and the
more influential traders put out fresh lines
on the short side. This induced consldera-
BILE realizing by the small traders on the
lorg side, and large proportion OF the
gains were washed out. Rumors that the
Nevada bank was IN trouble aided In produc-
ing the reaction, but upon the contradic
ton of the stories a better tone became ap
parent. The news OF the day was generally
favorable, and much talk was heard In re
gard to the settlement of the cable war,
besides which, the bullish utterances OF
several prominent infused confidence into
tive and strong, at advances over last even.
ing's final prices Of from ! to It. Prices
were feverish and unsettled for some time
after the opening, but soon began to ad
vance, and further fractional gains were
recorded. The upward movement con
tinued until noon, subject to one or two
slight reactions, but after that time dullness
became feeture and the buying slackened
Off. The bears were thus encouraged to
make demonstration, and large proper
| ton Of the forenoon's gains was lost. New
England and Western Union were paid
| special attention to, and their declines were
| material. The close was quiet, but firm, at
| a rally from the lowest 6gures Of the after
noon. Everything is higher again tonight.
Money on call has been easy, ranging from
4 to 0, last loan at 5, closing offered at 3
business at 4Sli to 1914 for 60day
bills, and 1881 to 4S4 for demand.
| Posted rates 4S2i to 49, Government
| bonds have been dull but iitm to strong
| State bonds have been dull and steady.
Treasury balances-Coin, Sl3i, ,Sli, ,T50;
currency, $12,66So35.
! The following were tho closing bid quota
tions:
A., l27; ~ coup, 100; Pac. es of ,e5, l22
la Cons 81 si Mo- g Of s1 lOS n g. ,SS SSn
l 40. DS, lUot va Us, 3ot 10. COnsOls, ~ ~
@, b: Tenn. settlement 3s, 20; Cen. Pac
firsts 1l69s; Deny. and Il. q. iirsts, +75; M. X
and T., 9i; Northern Pac. iirs,s 1l515; do
seconds, l0b1s; Northwestern cons, 1855; do
debenture, l0g; s.. L. and san Fran, il3N; ..
Paul con-, 127l4; st. l. Chicago. and Pac; hrsts
ll6; Southern psc. tlrsts, lli2.;T, 7. \. g; ant
Cs p; Union Pae: trsts,, iiiE; A., West , shore y e
3s&; do. rfd., "a: Am. Express, los Bos. Al
southern, SSE; Canton, .55 Cen; Pac., SS,l
do. pid, 176; o. b. and @, 1897; Cleve
land and Col 53IS; Con. Coal 20; Del. and Hu1
l0l; Del. and L., 129s<; DENY. and r. g., 271S
Erie, 80; do. pfd., 663t; Fort Wayne, l56
Harlem, 2i5; Honso on and Texas, 2sII5Si Ill. Cen.
1913; Kans. and Texas, 26H: L. e. and W., lSls
Maintain and Con, Iii; NJ and Char. 50
Met. L., 156: Mich. Cen, s2]4; Mo. Pac.
9S1s; Mob. and O., IL; Mar. and f., $l3y
N. Chat, TN n. J. Cen, 72lS; Norfolk anc
Western pfd., 421s: Northern Pac,, 3312; do. pfd.
5914: Northwestern, 1l4M; do. ptd,. III; \
Y. Cen, los: Chicago and St. L., 17l4; d.
pfd., S0R: Ohio and Miss, 26}S; do pfd, S5
Oregon Nav, 92H; Pac Mail. .39ls; Pitts
burg, 15a1g; Reading, 5ias; Richmond an,
Aeg., 1917; Richmond aud Dan, $780, Roc
Isl'd, 1867; st. l.. and San. Fran. 36t4 do. pfd
1877; do. first pfd., 1l353; st. Paul, 81; do pif
ll6M; st. p. and o., 46114 do. pfd ll0Ja;, Tex,
Pac., 219I; Union Pac., 6Jl3; U. $. Y. &c; Wal
Pac,, 17s5; do. pfd., 2912; Wells Fargo, ~
West. Union. 7Sa1Ss Tenn. Coal and Iron, 32l
Cotton Oil Trust, 3i24; Quicksilver, 5T; dc
| Ffd.. 27.
*Asked.